Lucid Diagnostics (NASDAQ:LUCD) Posts Earnings Results, Meets Estimates

Key Points

• Lucid met EPS estimates with a quarterly loss of $0.06 per share, but revenue of $1.2 million fell short of the $1.63 million consensus and was flat year over year.
• Medicare has begun paying for Texas-lab EsoGuard claims at $1,938.01 per test. Lucid also reported a record October with more than 1,800 tests performed, including over 300 Medicare tests.
• A $15 million Series C financing lifted pro forma cash to about $33 million, but carries significant dilution, including a roughly $0.35 conversion price and a 20% annual stock-paid dividend.

Lucid Diagnostics (NASDAQ:LUCD - Get Free Report) issued its quarterly earnings results on Thursday. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.06), FiscalAI reports. The firm had revenue of $1.20 million for the quarter, compared to analyst estimates of $1.63 million.

Here are the key takeaways from Lucid Diagnostics' conference call:

• Medicare has begun paying for EsoGuard claims submitted through Lucid’s Texas lab, with Novitas allowing claims at the established rate of $1,938.01 per test. This claim-by-claim coverage is independent of the still-pending MolDX coverage decision and enables Lucid to pursue Medicare patients now.
• Lucid reported a record October, with more than 1,800 tests performed and over 300 Medicare tests—nearly 70% of the Medicare volume recorded in all of Q3. Management said early commercial efforts are gaining traction, while cautioning that holiday seasonality makes it premature to extrapolate October’s pace across Q4.
• Q3 revenue was $1.2 million, flat year over year and down from $1.5 million in Q2, despite 2,871 tests sold. Lucid recognized revenue equal to about 15% of the quarter’s stated billable value, and collections from non-Medicare insurers remain less predictable, although the average allowable amount on successful insurance claims improved.
• Lucid expects five Concert client plans to adopt its EsoGuard coverage policy by year-end, with the policy set to cover nearly all commercial lives in Minnesota next month. The company also highlighted favorable draft AGA guidelines and said its first two VA programs are operating.
• A post-quarter $15 million Series C financing brings pro forma cash to about $33 million, but its terms are dilutive: the conversion price is approximately $0.35 per share, and the preferred stock carries a 20% annual stock-paid dividend. Lucid estimated roughly 330 million fully diluted shares, excluding significantly out-of-the-money options.

Lucid Diagnostics Trading Up 5.4%

Shares of LUCD traded up $0.02 during trading hours on Thursday, reaching $0.40. The company had a trading volume of 1,628,098 shares, compared to its average volume of 2,366,197. Lucid Diagnostics has a 12-month low of $0.30 and a 12-month high of $1.63. The firm has a 50 day simple moving average of $0.62 and a 200-day simple moving average of $0.99. The company has a market capitalization of $81.70 million, a price-to-earnings ratio of -0.86 and a beta of 1.19.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on LUCD shares. Weiss Ratings downgraded shares of Lucid Diagnostics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 18th. Needham & Company LLC reissued a "buy" rating on shares of Lucid Diagnostics in a research note on Thursday, October 1st. Finally, BTIG Research reissued a "buy" rating on shares of Lucid Diagnostics in a report on Friday, October 23rd. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $4.19.

Lucid Diagnostics Company Profile

Lucid Diagnostics Inc. NASDAQ: LUCD is a medical diagnostics company focused on improving the detection of esophageal disease. The company develops and commercializes diagnostic technologies intended to identify patients at elevated risk of esophageal cancer, particularly those with gastroesophageal reflux disease (GERD). Lucid's principal products include EsoGuard, a laboratory-developed DNA test that analyzes cells collected from the esophagus for molecular changes associated with Barrett's esophagus and esophageal cancer risk, and EsoCheck, a swallowable, balloon-based device designed to collect cells from the esophageal lining.

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